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Veritiv Announces 3Q 2014 Financial Results

In-line with expectations as integration moves into execution phase

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By: DAVID SAVASTANO

Contributing Editor, Coatings World and Ink World, Coatings World and Ink World Magazine

Veritiv Corporation announced consolidated financial results for its third fiscal quarter ended Sept. 30, 2014.
 
“Results for the third quarter are in line with our expectations, as our efforts to execute our integration plans, capture synergies, and align our segment strategies are ongoing. Throughout this transition, we remain committed to providing our customers with industry-leading service and solutions,” said Mary Laschinger, chairman and CEO of Veritiv Corporation.
 
For the three months ended September 30, 2014 compared to the three months ended September 30, 2013 (on a pro forma basis):
•  Net sales were $2.4 billion, a decrease of 3.3% from the prior year.
•  Adjusted EBITDA was $51.5 million, a decrease of 6.2% from the prior year.
•  Adjusted EBITDA as a percentage of net sales was 2.2%, essentially flat with the prior year.
For the nine months ended September 30, 2014 (on a pro forma basis):
•  Net sales were $6.9 billion, a decrease of 4.3% from the prior year
•  Adjusted EBITDA was $113.3 million, a decrease of 4.5% from the prior year.
•  Adjusted EBITDA as a percentage of net sales was 1.6%, essentially flat with the prior year.
 
Net loss for the three months ended September 30, 2014 was $14 million and net loss for the nine months ended September 30, 2014 was $5.6 million.
 
“We remain on track with our goals for this year, and continue to focus on driving operational excellence and building value for our shareholders,” said Steve Smith, senior vice president and CFO of Veritiv Corporation.
 
The company continues to expect pro forma adjusted EBITDA for 2014 to be in the range of $135-145 million.

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